What Happens When a Car Accident Claim Exceeds Insurance Limits?

What Happens When a Car Accident Claim Exceeds Insurance Limits?

What Happens When a Car Accident Claim Exceeds Insurance Limits?

Car accidents happen unexpectedly and can leave those involved with serious injuries and damages. In these situations, filing a car accident claim with the responsible party’s insurance company is often the next step. However, what happens when the cost of the claim exceeds the insurance limits? This can cause individuals to face hefty out-of-pocket expenses.

In these situations, you need a legal team that can guide you through the complexities of the claims process and fight for the total compensation you may be owed. The car accident lawyers of Mintz Law Firm understand the challenges that come with an accident exceeding insurance limits and are here to help. Let us take the burden off your shoulders and help you obtain the best possible outcome for your car accident claim.

What Are Insurance Coverage Limits?

Insurance coverage limits are essentially the maximum amount of money an insurance company is willing to pay for a claim under a specific policy. When you buy car insurance, you choose a policy with certain limits that determine how much coverage you have. These limits are usually shown by three numbers that represent, in thousands of dollars, the maximum payment for bodily injury per person, bodily injury per accident, and property damage per accident. 

For example, if your policy is 100/300/50, this means the insurer will cover up to $100,000 for injuries to one person, up to $300,000 for all injuries in one accident, and up to $50,000 for property damage. If the total cost of injuries to all parties involved exceeds these amounts, the excess might not be covered by your insurance. 

Understanding these limits is crucial, because they directly affect how much financial support you can expect from your insurance company in the event of an accident.

What Are My Options When Insurance Doesn’t Cover It All?

When the insurance coverage isn’t enough to cover all your damages from a car accident, you’re not out of options. First and foremost, check your own insurance policy. You might have underinsured motorist coverage (UIM), which is designed for situations just like this. UIM can help cover the difference when the at-fault party’s insurance falls short.

Another route is to take legal action against the at-fault party directly. This means you could potentially recover the remainder of your damages directly from their assets. However, navigating this path can be tricky and is best done with legal expertise. This is where working with a lawyer from Mintz Law Firm comes in handy. Our experienced attorneys can evaluate your situation, guide you through the legal complexities, and help you pursue the best course of action for your specific case. 

Working with Mintz Law Firm means exploring every avenue to ensure you aren’t left handling these financial burdens alone. Our goal is to make sure you fully understand your options and feel supported throughout this process.

Contact the Dedicated Colorado Injury Lawyers of Mintz Law Firm Today

If you’re dealing with a car accident claim that exceeds insurance limits and feeling unsure about your next steps, Mintz Law Firm is ready to assist you. We’re committed to guiding victims injured by another person’s negligence through the claims process and exploring every avenue to secure the compensation they deserve. Our team of compassionate car accident lawyers is ready to review your case, provide knowledgeable advice, and represent you with fierce dedication. 

Give us a call at (303) 462-2999 or fill out our contact form for more information. Let us be your advocate and guide through this complex process. Whether you’re facing insurance disputes, seeking additional compensation, or require guidance on the next steps, our skilled lawyers are here to support you every step of the way.

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